Odd bits in middle, say, discarded -- fancy! (4)
I believe the answer is:
idea
'discarded fancy' is the definition.
'idea' can be an answer for 'fancy' (I've seen this in another clue). I am not sure about the 'discarded' bit.
'odd bits in middle' is the wordplay.
'odd' becomes 'ide' (I can't explain this - if you can you should give a lot more credence to this answer).
'bits' becomes 'chaws' (chaw is a kind of bit).
'in middle' says to take the centre.
The middle of 'chaws' is 'a'.
'ide'+'a'='IDEA'
'say' acts as a link.
Can you help me to learn more?
(Other definitions for idea that I've seen before include "Brainwave" , "Thought, conception" , "a wheeze" , "Something imagined in the mind" , "Inkling" .)